v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Total revenues $ 2,520 $ 2,410 $ 4,784 $ 4,519
Operating costs and expenses:        
Franchise and property expenses 139 144 258 274
Advertising expenses and other services 369 364 710 675
General and administrative expenses 181 188 361 379
(Income) loss from equity method investments (2) (5) (4) (10)
Other operating expenses (income), net (26) 149 (47) 232
Total operating costs and expenses 1,804 1,927 3,462 3,601
Income from operations 716 483 1,322 918
Interest expense, net 124 132 247 262
Income from continuing operations before income taxes 592 351 1,075 656
Income tax (benefit) expense from continuing operations (73) 87 (35) 169
Net income from continuing operations 665 264 1,110 487
Net loss from discontinued operations (net of tax of $0) 0 1 0 3
Net income (loss) 665 263 1,110 484
Net income attributable to noncontrolling interests 0 0 0 0
Net income attributable to common unitholders 665 263 1,110 484
Supply chain        
Operating costs and expenses:        
Costs and expenses 635 589 1,199 1,085
Company restaurant        
Operating costs and expenses:        
Costs and expenses 508 498 985 966
Class A common units        
Operating costs and expenses:        
Net income attributable to common unitholders $ 507 $ 189 $ 845 $ 348
Earnings per Class A common unit - basic and diluted (Note 2)        
Net income from continuing operations, basic (in usd per share) $ 2.23 $ 0.91 $ 3.73 $ 1.68
Net income from continuing operations, diluted (in usd per share) 2.23 0.91 3.73 1.68
Net loss from discontinued operations, basic (in usd per share) 0 0.00 0 (0.01)
Net loss from discontinued operations, diluted (in usd per share) 0 0.00 0 (0.01)
Net income, basic (in usd per share) 2.23 0.91 3.73 1.67
Net income, diluted (in usd per share) $ 2.23 $ 0.91 $ 3.73 $ 1.67
Weighted average units outstanding - basic and diluted (in millions):        
Basic (in shares) 228 209 227 209
Diluted (in shares) 228 209 227 209
Partnership exchangeable units        
Operating costs and expenses:        
Net income attributable to common unitholders $ 158 $ 74 $ 265 $ 136
Earnings per Class A common unit - basic and diluted (Note 2)        
Net income from continuing operations, basic (in usd per share) $ 1.46 $ 0.58 $ 2.43 $ 1.07
Net income from continuing operations, diluted (in usd per share) 1.46 0.58 2.43 1.07
Net loss from discontinued operations, basic (in usd per share) 0 0.00 0 (0.01)
Net loss from discontinued operations, diluted (in usd per share) 0 0.00 0 (0.01)
Net income, basic (in usd per share) 1.46 0.58 2.43 1.06
Net income, diluted (in usd per share) $ 1.46 $ 0.58 $ 2.43 $ 1.06
Weighted average units outstanding - basic and diluted (in millions):        
Basic (in shares) 108 127 109 127
Diluted (in shares) 108 127 109 127
Product | Supply chain        
Revenues:        
Total revenues $ 788 $ 732 $ 1,474 $ 1,343
Product | Company restaurant        
Revenues:        
Total revenues 617 600 1,176 1,158
Franchise and property revenues        
Revenues:        
Total revenues 793 760 1,515 1,423
Advertising revenues and other services        
Revenues:        
Total revenues $ 322 $ 318 $ 619 $ 595